Citigroup refreshed its digital-assets stock coverage on Friday, reflecting recent declines across the crypto sector while maintaining a constructive outlook.
“Despite recent token volatility, we remain bullish on digital assets stocks,” analysts led by Peter Christiansen wrote.
Circle Financial (CRCL), issuer of the USDC stablecoin, remains Citi’s top pick. The firm reaffirmed its $243 price target, even after the stock fell sharply to $83.60.
Other preferred names include Bullish (BLSH) and Coinbase (COIN). “We see BLSH positioned to benefit from rising U.S. institutional and traditional finance participation,” Christiansen noted. BLSH’s price target was lowered to $67 from $77 but still offers significant upside from its current $44. COIN’s price target was maintained at $505 versus its current $242.
Buy-rated MicroStrategy (MSTR) also saw a reduced target following a drop to the $160 range. The new target of $325, down from $485, still implies roughly 100% potential upside.
Citi remains positive on bitcoin miner Riot Platforms (RIOT), though the price target was cut to $23 from $28. Riot was trading around $14.
Neutral-rated Gemini (GEMI) had its price target lowered to $13 from $16 due to “increasing competitive challenges,” with shares at roughly $11.
While Citi adjusted targets to reflect recent market weakness, the report underscores the bank’s continued confidence in the long-term growth potential of leading digital-asset stocks.
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